Fastenal Out with Q1 Numbers
Date
4/11/2019 10:11:12 AM
(MENAFN- Baystreet.ca)
Fastenal Company (NASDAQ:FAST) came out Thursday with financial figures from the latest quarter.
The Winona, Minnesota company, a leader in the wholesale distribution of industrial and construction supplies, reported Net Sales increased $123.6, or 10.4%, in the first quarter of 2019 when compared to the first quarter of 2018.
Due to the one fewer selling day in the current period, the company's daily sales increased 12.2% in the first quarter of 2019 when compared to the first quarter of 2018.
This increase was driven by higher unit sales related primarily to continued strength in underlying market demand and contribution from its growth drivers, most notably industrial vending, Onsite locations, and construction.
FAST's operating income, as a percentage of net sales, improved to 20.0% in the first quarter of 2019 from 19.8% in the first quarter of 2018. Its operating and administrative expenses, as a percentage of net sales, improved to 27.8% in the first quarter of 2019 compared to 28.9% in the first quarter of 2018.
Fastenal's net earnings during the first quarter of 2019 were $194.1, an increase of 11.4% when compared to the first quarter of 2018. The company's diluted net earnings per share were $0.68 during the first quarter of 2019 compared to $0.61 during the first quarter of 2018, an increase of 11.9%.
Shares rocketed $2.81, or 4.3%, to $68.00
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